Setting Up a Company in Ajman
Being the smallest Emirate in the UAE, Ajman is divided into two jurisdictions – Manama and Masfout. The biggest advantage of setting up a company in Ajman is its geographical position. Located close to Sharjah and Dubai, the biggest attraction of the small Emirate is the Persian Gulf beach providing foreign investors with the maritime industry important benefits. Ajman provides low set up and maintenance costs for companies established there. Another key-sector in Ajman’s economy is the real estate sector which is very appealing to both local and foreign investors.
What are the types of companies to be established in Ajman?
Even if foreign businessmen cannot have controlling rights in onshore companies established in one of the UAE’s Emirates, they will find local partners to open companies with. Full foreign ownership is available in free trade zone, one of the most attractive being the Ajman Free Zone. The types of companies available for registration in Ajman are:
- Joint liability companies
- Simple commanding companies
- Limited liability companies
- Service agents
Foreign companies may also set up subsidiaries and branch offices in Ajman. Furthermore, businesses are classified in: professional, commercial and industrial, depending on the type of license to be obtained.
What are the documents and steps required to set up a company in Ajman?
Depending on the type of company to register, the first step is to verify the share capital to be deposited. For example, in order to register a limited liability company, the minimum share capital required in Ajman is 150,000 Dirhams (approximately 41,000 USD or 31,000 EUR). The next step is to submit the following documents with the Trade Register:
- The articles of association,
- The certificate of incorporation, if establishing a subsidiary or branch office,
- Notarized power of attorney for the local representative,
- A copy of the representative’s passport.
The applicant is also required to submit all documents related to the feasibility study, a scheme of the project and the time of completion for the project. All documents must be certified by the Chamber of Commerce.
Once the certificate of incorporation for the Ajman company is released, the Inspection Unit will verify the location on behalf of the municipality.
For complete information about opening a company in Ajman, please contact our specialists in Quantum Auditing.